Buyer Payment Tool
Mortgage Payment Calculator
Estimate principal, interest, property taxes, homeowners insurance, mortgage insurance, and HOA dues with defaults tuned for a Greater Houston buyer conversation.
$400,000
$
$20,000
%
Default 6%
%
% annual
%
annual
$
monthly
$
estimate
%
Primary residence ?
Estimate school-tax homestead savings and effective tax rate
Finance upfront MIP ?
Roll the 1.75% upfront FHA MIP into the loan, or pay it at closing
REMAX Signature
Eddie Weir
REALTOR®, ABR, LUXE
TREC License #560899
832-343-8383
eddie@eddieweir.com
eddieweir.com
Mortgage Payment Estimate
Generated —
Loan Details
- Loan type
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- Property type
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- Purchase price
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- Down payment
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- Interest rate
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- Loan term
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- Loan amount
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- Upfront MIP financed
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Estimated Monthly Payment
—/mo
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- Principal & interest
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- Property taxes
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- Home insurance
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- PMI
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- HOA dues
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- Homestead savings
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- Total monthly
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Assessment & Tax
- Tax rate
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- Assessment ratio
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- Assessed value
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- Annual property taxes
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- Effective tax rate
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Cash to Close
- Down payment
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- Closing costs
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- Upfront MIP (cash)
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- Total cash to close
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Lifetime Costs
Total interest paid over 30 years: —
What These Terms Mean
- Principal & interest
- Monthly repayment of borrowed principal plus interest. Does not include taxes, insurance, HOA, or mortgage insurance.
- PMI / MIP
- Mortgage insurance applies with lower down payments. Conventional PMI estimated at 0.50% annual when down is under 20%; FHA MIP follows HUD’s current schedule based on term, loan size, and LTV.
- Homestead exemption
- Texas school-district exemption of $140,000 reduces the school-tax portion of property taxes for qualifying primary residences. This estimate models school taxes as ~40% of the total tax bill.
- Tax assessment ratio
- Harris County typically appraises resale homes near 80% of the recent sale price due to appraisal-cycle lag. New construction is usually appraised at the contract price (100%).
- Cash to close
- The cash you bring to the closing table: down payment + closing costs + (if applicable) upfront FHA MIP if not financed into the loan.
- Closing costs
- Planning estimate for lender fees, title/escrow items, prepaid taxes and insurance, appraisal, and other buyer costs. Actual closing costs come from the lender and title company.
- FHA upfront MIP
- FHA’s 1.75% upfront mortgage insurance premium can be financed into the loan (most common) or paid at closing as cash.
- Loan term
- How long the mortgage is scheduled to be repaid. A shorter term usually means a higher monthly payment and less total interest paid.
Next Steps
For a personal lender introduction and full pre-approval, get in touch: Eddie Weir · 832-343-8383 · eddie@eddieweir.com · eddieweir.com/contact
